LaSalle Investment Management announces acquisition for LaSalle Income & Growth Fund VI
14 July 2014 - LaSalle Investment Management has announced the acquisition of the 21-building, 1.2-million-square-foot Precedent Office Park in the Keystone Crossing submarket of Indianapolis.This is the Fund’s first acquisition in Indianapolis.
Precedent Office Park is comprised of a mix of mid-rise, two-story and single-story office properties in a park-like setting in a central location within a half-hour drive from virtually every destination in the greater Indianapolis area. Amenities within the park include a 6,000 square foot fitness facility, a mile-long walking trail around a 38-acre lake, a national day care provider, a full-service conference facility and multiple restaurants and banks. The Keystone submarket is also home to Simon Property Group’s Fashion Mall anchored by Saks Fifth Avenue and Nordstrom along with some 55 restaurant options and multiple hotel choices. The complex is currently 94 percent occupied by tenants including Zurich Insurance, Rockwell Automation, Honeywell, M & J Insurance, WebMD, Defender Security and Stonegate Mortgage.
“Indianapolis has a stable, diversified and rapidly growing economy with strong population and job growth,” said Jim Hutchinson, President of the LaSalle Income & Growth Funds. “Tenants are attracted to the location and amenities of the Keystone submarket. We believe that our ability to offer tenants diverse and flexible space options within the park will aid us in our leasing efforts. The property will generate a strong income return for our investors.”
The LaSalle Income & Growth series is the firm’s flagship U.S. value-added fund series that was launched in 1996. The Funds seek to achieve value add returns by investing in a portfolio of U.S. income producing real estate and enhancing returns through property leasing, repositioning and aggressive asset management. Fund targets value-add real estate opportunities in the US across the office, retail, industrial and multifamily residential sectors.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $58 billion as of Q4 2017 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum. Past performance is not indicative of future results.